DOI: 10.33917/es-4.190.2023.136-141

Research program of the institutional framework of Douglass North, which was not implemented in practice by either the great researcher himself or his followers, is examined. Application of D. North’s methodological approach to analysis of a specific problem – shaping business value – allowed the author to draw the following conclusions.

It is determined that formation of business value is a process of value imputation. It was found that as a result of the process of imputing the business value, carried out within a certain institutional framework, the formed value of business can be considered as a converted form of value of a particular product. The author gives an institutional explanation of how, on the basis of the institutional framework for determining the value of business, main logically contradictory approaches to estimating the value of business are combined, and how the final quantitative value of the business worth is formed on this basis.

References:

1. Skinner K. ValueWeb. Kak fintekh-kompanii ispol’zuyut blokchein i mobil’nye tekhnologii dlya sozdaniya interneta tsennostei [ValueWeb. How Fintech Companies are Using Blockchain and Mobile Technologies to Create an Internet of Value]. Per. s angl. N. Yatsyuk. Moscow, Mann, Ivanov i Ferber, 2018, 414 p.

2. Nort D. Ponimanie protsessa ekonomicheskikh izmenenii [Understanding the Process of Economic Change]. Per. s angl. K. Martynova, N. Edel’mana. Moscow, ID Gosudarstvennogo universiteta — Vysshei shkoly ekonomiki, 2010, 253 p.

3. Nort D.K. Avtobiografiya. Lektsiya pamyati Al’freda Nobelya, prochitannaya Duglasom Nortom 9 dekabrya 1993 g. Kommentarii: Laureaty Nobelevskoi premii po ekonomike: avtobiografii, lektsii, kommentarii [Autobiography. Alfred Nobel Memorial Lecture delivered by Douglas North on December 9, 1993. Comments: Nobel Laureates in Economics: Autobiographies, Lectures, Commentaries]. Pod red. V.V. Okrepilova, vol. 2, Saint Petersburg, Nauka, 2009, pp. 297–315.

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action=showfull&id=1127698362&archive=1254315015&start_from=&ucat=&.

5. Furubotn E.G., Rikhter R. Instituty i ekonomicheskaya teoriya. Dostizheniya novoi institutsional’noi ekonomicheskoi teorii [Institutes and Economic Theory. Achievements of the New Institutional Economics]. Per. s angl. pod red. V.S. Kat’kalo, N.P. Drozdovoi. Saint Petersburg, ID Sankt-Peterburgskogo un-ta, 2005, 701 p.

6. Uil’yamson O.I. Ekonomicheskie instituty kapitalizma: firmy, rynki, “otnoshencheskaya” kontraktatsiya [The Economic Institutions of Capitalism: Firms, Markets, “Relational” Contracting]. Per. s angl.; Nauch. red. i vstup. stat’ya V.S. Kat’kalo. Saint Petersburg, Lenizdat, 1996, 702 p.

DOI: https://doi.org/10.33917/es-6.186.2022.134-141

In the article, the process of establishing the cost of modern business is considered as a system of economic interactions between economic entities. The study presents the author’s concept of the economic interactions’ typology. The author distinguishes atomistic, organic and harmonic types of economic interactions and comes to the conclusion that each of them corresponds to a certain interaction model (traditional industrial model, network model). Within each of them a mechanism of interaction, expectations, and conflict resolution is formed. Different types of economic interaction coexist simultaneously and not always in a coordinated manner. They are often intertwined. Economic subjects use a differentiated approach when interacting with each other. The focus of business strategy is shifting from internal optimization processes to coordinating external interactions, from increasing customer value to maximizing ecosystem value.

References:

1. Tszen M. Alibaba i umnyi biznes budushchego: Kak otsifrovka biznes-protsessov izmenila vzglyad na strategiyu [Alibaba and the Smart Business of the Future: How Digitalization of Business Processes has Changed the Way We Look at Strategy. Moscow, Al‘pina Pablisher, 2019, 320 p.

2. Marks K. Kapital. Kritika politicheskoi ekonomii. V 3 t. T. 1. Kn. 1. Protsess proizvodstva kapitala [Capital. Critique of Political Economy: In 3 Volumes. Vol. 1. Book. 1: The Process of Capitalist Production]. Marks K., Engel’s F. Sochineniya: V 55 t. 2-e izd. Moscow, Gospolitizdat, 1960, vol. 23, pp. 351, 430.

3. Marks K., Engel’s F. Nemetskaya ideologiya [The German Ideology]. Marks K., Engel’s F. Sobr. soch., 2-e izd. Moscow Gosudarstvennoe izd-vo politicheskoi literatury, 1955, vol. 3, pp. 480.

4. Nort D. Instituty, institutsional’nye izmeneniya i funktsionirovanie ekonomiki [Institutions, Institutional Change and Economic Performance]. Per. s angl. A.N. Nesterenko; Predisl. i nauch. red. B.Z. Mil’nera. Moscow, Fond ekonomicheskoi knigi “Nachala”, 1997, 180 p. (Sovremennaya institutsional’no-evolyutsionnaya teorii.)

5. Buaie R. Teoriya regulyatsii: kriticheskii analiz [Regulation Theory: A Critical Analysis]. Per. s fr. N.B. Kuznetsovoi. Moscow, Nauch.-izd. tsentr “Nauka dlya obshchestva”: Ros. gos. gumanit. un-t, 1997, 212 p. (Sovremennaya ekonomicheskaya mysl’.)

6. Uil’yamson O.I. Ekonomicheskie instituty kapitalizma: Firmy, rynki, “otnoshencheskaya” kontraktatsiya [Economic Institutions of Capitalism: Firms, Markets, “Relational” Contracting]. Nauch. red. i vstupitel’naya stat’ya V.S. Kat’kalo; Per. s angl. Yu.V. Blagova, V.S. Kat’kalo, D.S. Slavnova, Yu.V. Fedotova, N.N. Tsytovich. Saint Petersburg, Lenizdat; CEV Press, 1996, p. 56.

7. Anan’in O.I., Odintsova M.I. Metodologiya ekonomicheskoi nauki: sovremennye problemy i tendentsii [Methodology of Economic Science: Current Problems and Trends]. ISTOKI, Vyp. 4, Moscow, IE RAN, 2000, pp. 135, 136.

DOI: 10.33917/mic-6.107.2022.32-42

The article analyzes network interactions as a factor in the formation of business value in the digital economy. In the course of the study, the author analyzes the advantages and features of network interactions within platform business models and business ecosystems. The author comes to the following conclusions. Network interactions between platform participants produce network effects. Taking advantage of network effects is changing the way business value is created. Data is becoming the main asset that ensures the growth of the capitalization of digital companies. Links of the value chain are transformed into modules and embedded in networks. Under the influence of digital technologies, business value is created at all levels of the economic system (including the nanolevel), companies are turning from static hierarchical structures into dynamic networks of interconnected players, and the role of company management in creating business value is changing.

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